More potential expected for offshore wind
Costs have been falling rapidly and are expected to decline by a further 30%
Offshore wind energy is in the fast lane and picking up speed. Driven by rapidly falling costs and technological innovation, offshore wind capacity grew by 25% between 2016 and 2017, the director general of the International Renewable Energy Agency (IRENA) told a summit at the G7 meeting.
Speaking at the Oceans Partnership Summit during G7, IRENA director general Adnan Z Amin underlined the potential of offshore wind to meet energy demand, stimulate eco- nomic growth and generate employment – criteria that he described as hallmarks of the global energy transformation.
Compared to other renewable energy technologies, off- shore wind still makes up a small part of global power genera- tion. Today, there is slightly less than 19 GW of installed offshore capacity, two-thirds of which is generated by G7 countries, but the global growth trend is impressive, said IRENA.
“Costs have been falling rapidly and are expected to decline by a further 30% by 2030, leading to an expected growth in installed capacity to 128GW by 2030 and 521GW by 2050. Investment in offshore wind could reach $350bn by 2030.”